Union Pacific (NYSE: UNP) EVP adds shares through 2021 employee stock plan

Rhea-AI Filing Summary

UNION PACIFIC CORP executive Christina B. Conlin reported a small share acquisition under an employee plan. On 2026-05-10, she acquired 7.198 shares of common stock at $264.65 per share, recorded as a grant or award acquisition. A footnote states this was a purchase pursuant to the 2021 Employee Stock Purchase Plan, indicating it was part of routine employee share accumulation rather than an open‑market trade. After this transaction, she directly holds a total of 16,000.132 shares of UNION PACIFIC CORP common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Conlin Christina B

Role EVP CHIEF LEGAL OFFICER & CORP

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7.198	$264.65	$2K

Holdings After Transaction: Common Stock — 16,000.132 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares acquired: 7.198 shares Price per share: $264.65 per share Total holdings after transaction: 16,000.132 shares

3 metrics

Shares acquired 7.198 shares Common stock grant/award on May 10, 2026

Price per share $264.65 per share Value used for the 7.198-share acquisition

Total holdings after transaction 16,000.132 shares Direct ownership of UNION PACIFIC CORP common stock after grant

Key Terms

Employee Stock Purchase Plan, grant/award acquisition, Common Stock

3 terms

Employee Stock Purchase Plan financial

"Purchase pursuant to the 2021 Employee Stock Purchase Plan."

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

grant/award acquisition financial

"transaction_action: grant/award acquisition"

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Conlin Christina B

(Last) (First) (Middle)

1400 DOUGLAS STREET

(Street)

OMAHA NEBRASKA 68179

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
UNION PACIFIC CORP [ UNP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP CHIEF LEGAL OFFICER & CORP

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/10/2026		A(1)		7.198	A	$264.65	16,000.132	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Purchase pursuant to the 2021 Employee Stock Purchase Plan.

	By: Trevor L. Kingston, Attorney-in-Fact For: Christina B. Conlin	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did UNP executive Christina B. Conlin report in this Form 4 filing?

Christina B. Conlin reported acquiring 7.198 shares of UNION PACIFIC CORP common stock. The shares were obtained as a grant or award at $264.65 per share, increasing her direct holdings to 16,000.132 shares.

Was the Christina B. Conlin UNP Form 4 transaction an open-market purchase?

The transaction was not an open-market trade. A footnote explains it was a purchase pursuant to UNION PACIFIC CORP's 2021 Employee Stock Purchase Plan, reflecting routine participation in a company share plan.

How many UNION PACIFIC (UNP) shares does Christina B. Conlin hold after this transaction?

After the reported transaction, Christina B. Conlin directly holds 16,000.132 shares of UNION PACIFIC CORP common stock. This total includes the 7.198 shares acquired on May 10, 2026 through the employee stock purchase plan.

What is the size of the share award reported by Christina B. Conlin at UNP?

The filing shows a relatively small award of 7.198 UNION PACIFIC CORP common shares. They were recorded at a price of $264.65 per share and classified as a grant or award acquisition rather than a discretionary market trade.

How is the UNP Form 4 transaction by Christina B. Conlin classified by the SEC code?

The transaction uses SEC code “A,” indicating a grant, award, or other acquisition of common stock. It is further described as a grant or award acquisition and tied to the 2021 Employee Stock Purchase Plan at UNION PACIFIC CORP.